Chinese EV Stocks Li Auto, BYD, Nio To Benefit From Rebound: Analyst
Chinese EV Stocks Li Auto, BYD, Nio To Benefit From Rebound: Analyst
Although on a much lower scale, Nio also had a successful September, selling 21,200 units, indicating a 35% year-over-year growth. The company successfully introduced a battery-as-a-service model, lowering consumers' upfront costs.Macquarie Equity Research issued a positive outlook for the short-term Chinese EV market following a $142 billion (one trillion yuan) stimulus package. Analysts listed several positive catalysts, including new model launches, expanded margins due to operating leverage, the end of subsidies pulling demand forward, reduced discounting pressures and clarity on potential European Union (EU) tariffs, which had previously been uncertain for Chinese automakers.
Macquarie Equity Research發佈了對中國新能源車市場短期前景的積極展望，隨着1420億美元（一萬億人民幣）的刺激計劃。分析師列出了幾個積極的推動因素，包括新車型推出、由於運營槓桿效應而擴大的利潤率、結束拉動需求的補貼、減少折扣壓力以及關於潛在歐盟（EU）關稅的明晰，之前對於中國汽車製造商而言是不確定的。
The firm sees BYD (OTC:BYDDF) and NIO Inc – ADR (NYSE:NIO) benefiting from the shift. BYD led the charge, selling 419,400 units in September, marking a 46% year-over-year increase. The company's aggressive expansion overseas surprised the EV market.
該公司看好比亞迪（場外交易:比亞迪）和蔚來（紐交所:蔚來）從這一轉變中受益。比亞迪率先行動，9月銷售41.94萬輛，同比增長46%。該公司在境外的激進擴張令新能源車市場感到意外。
Launching new models, particularly those based on its highly efficient DM-i hybrid technology, should help sustain its growth momentum in the coming months. Macquarie remains optimistic and has raised the price target for BYD shares to about $46.35 (HK$ 360), indicating a potential upside of over 20%.
發佈基於其高效Dm-i混合技術的新車型，有助於在未來幾個月內保持增長勢頭。麥格理保持樂觀，並將比亞迪股票的價格目標上調至約46.35美元（港元360元），顯示出超過20%的潛在上漲空間。
Although on a much lower scale, Nio also had a successful September, selling 21,200 units, indicating a 35% year-over-year growth. The company successfully introduced a battery-as-a-service model, lowering consumers' upfront costs.
儘管規模較小，蔚來在9月也取得了成功，銷售了21,200輛，同比增長35%。該公司成功推出了以電池爲服務的模式，降低消費者的前期成本。
Still, Macquarie sees the risks from domestic and foreign competition, believing that the battery-swapping technology is not widely adopted. It rates the stock as Neutral, with its U.S-listed share price target of $8.20, representing a modest upside of around 13.5%.
然而，麥格理認爲來自國內外競爭的風險存在，認爲換電技術尚未得到廣泛應用。公司將股票評級定爲中立，設定其在美國上市的股價目標爲8.20美元，代表大約13.5%的適度上漲空間。
Li Auto Inc (NASDAQ:LI) faces a more challenging outlook despite performing well in sales. The company sold 53,700 units in September, marking a 49% year-over-year increase. But, Macquarie believes there is a lack of a clear catalyst in the second half of the year, particularly as no new models are scheduled for release during this period.
理想汽車公司（納斯達克:理想汽車）面臨着更具挑戰性的前景，儘管銷售表現良好。該公司在9月銷售了53,700輛，同比增長49%。但是，麥格理認爲下半年缺乏明確的推動因素，特別是在此期間沒有新車型計劃發佈。
Li Auto's extended-range electric vehicles (EREVs) have been popular, but the market is notably shifting toward pure battery electric vehicles (BEVs). The company risks losing momentum without new BEV models or innovations in the near term.
理想汽車的增程式新能源車頗受歡迎，但市場明顯在向純電動新能源車轉變。在短期內沒有新的純電動新能源車型或創新，公司有失去增長勢頭的風險。
Macquarie's analysts point out that price competition pressuring the margins is one of the key risks, alongside a potential decline in demand for EREVs as consumers shift to fully electric vehicles.
麥格理的分析師指出，價格競爭對利潤的壓力是其中一個主要風險，另外一個風險是消費者轉向全電動車輛可能導致EREV需求下降。
Still, they acknowledge the possibility of Li Auto outperforming if its L series continues selling well and if it can successfully launch a BEV SUV in 2025. For now, Macquarie has set the price target at $33, giving it an upside of 10.4%. The firm also gave Li Auto stock a downgrade from Outperform to Neutral.
儘管如此，他們承認理想汽車的L系列繼續銷售良好並且可以在2025年成功推出一款BEV SUV時，有可能表現優異。目前，麥格理將理想汽車的目標價設定爲33美元，爲其提供了10.4%的上漲空間。該公司還將理想汽車的股票評級從Outperform降級至中立。
Photos: Li Auto, BYD, Nio vehicles via Shutterstock
照片：理想汽車、比亞迪、蔚來汽車，來源於shutterstock
譯文內容由第三人軟體翻譯。